You shouldn't run into conclusions on which club will be in the finals. Liverpool is still hopeful than Arsenal, because Tottenham only scored one goal. If Liverpool can win with two goals ahead, they will definitely be in the finals because Tottenham is not consistent. Arsenal might not qualify to the finals, because they need three goals to be in the finals and Newcastle is consistent in their matches.
For Liverpool, there is still a chance and possibility to qualify when Liverpool hosts Tottenham at Anfield in the EFL Cup this season. As for Arsenal, I myself am still a bit doubtful because the team that was unable to win at home when hosting Newcastle. So it will be a bit difficult for Arsenal to win by many goals when Arsenal plays at Newcastle's home in the EFL Cup semifinals, although it is not impossible for Arsenal fans to hope for.
I think Liverpool should not miss this opportunity because if they don't play well in this one they will have to win a lot of matches after that. But one thing that is not understood is that despite having such a good record Liverpool are not included in this era. But Liverpool have lost the match against Tottenham which is a shame for them because Tottenham is a very weak team due to which they win the match and lose even when Liverpool is strong. Arsenal are a strong and well-perform team but it is not understandable that they will have to play hard until Newcastle play at home fear that Arsenal will lose this match but Arsenal will not see it as a weakness as it will also affect their record.